Bitcoin breakout above key resistance imminent
Bitcoin breakout above key resistance at around 6700 is imminent. It actually already broke through but had to go back down and touch support at around 6480 before moving back up. It filled my bids at around 6480. If it stays above that yellow line and closes a 4 hour candle before the weekend, it will be smooth sailing from here on out. If it doesn't do that, there are a few more bearish scenarios that would come into play.
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Broke to the downside. Might be a fake out at this point but it looks like it won't break back above the resistance at 6700.
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Sold the triangle breakout on the downside. Target is around 6000.
Trade closed: stop reached:
Got stopped out in profit.
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There's more downside here but I don't short Bitcoin for longer than a few minutes usually. Will be looking for BTC to develop support between around 6200 and 5900.
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Anyone who kept the short I mentioned would have done well for themselves. Went down to 5700 and established a range between local low and top.
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I'm going to keep updating this idea until it breaks out above that resistance. The way things are looking we should get confirmation on whether 5800 and 5900 is actually the bottom of this range by around mid next week.
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If it breaks back above 6000 I'm back to being short term bullish. If it breaks below 5650 I'm mid to long term bearish. Right now the price is between these two support and resistance levels and doesn't know which way to go. I am leaning more towards it having found support at 5700 and have opened a small bid position to that effect.
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It's starting to look like it will break out from resistance at around 6600 within the next 24 hours. Needless to say this will be a long term hold position if so. Next potential pivot areas are at 7200, 7800 and 9300.
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Resistance at 6500 to 6700 is now support. This is going to be bullish for a while. As mentioned in other published ideas, I anticipate that it will go to at least 200k by spring of 2022.
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Prices are still hanging around the trend line and there's not as much momentum as I would like. There's a potential double top or a W formation in the making; obviously these are two very different formations so we need to stay frosty. If it goes down, it should touch support line at around 5200.